Middlefield digital fund files IPO

The Digital Consumer Dividend Fund has filed a preliminary prospectus for an initial public offering of units at a price of $10 per unit, Calgary-based Middlefield Group said Friday.

The investment objectives of the closed-end fund are to provide unitholders with stable monthly cash distributions and enhanced long-term total return through capital appreciation, the firm said in a release.

The fund aims to achieve these objectives through a diversified, actively managed portfolio primarily comprised of dividend-paying securities of global issuers in the digital consumer industry, including streaming, digital content, cybersecurity, social networking, e-commerce and connectivity companies.

The initial target distribution yield is 4% per year, based on the original subscription price.

Toronto-based Middlefield Capital Corp. will advise the fund. Stamford, Connecticut-based research firm SSR LLC will act as an industry advisor to Middlefield.

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